The 200-year-old US retailer Brooks Brothers have filed for bankruptcy protection and the news comes after an earlier announcement that it will close 51 stores.
Despite its longstanding history in the retail market, Brooks Brothers has been struggling badly during the coronavirus pandemic and it has also been impacted by a heavy debt load.
Declining sales were a factor for the business before the onset of Covid-19 as people began turning to buying more smart casual clothing for work. The company employs 4,000 people and it operates around 500 stores across the world, with over half of these being located throughout the US.
The company is owned by Italian businessman Claudio Del Vecchio whose family founded the Luxottica eyewear brand.
